Spanco to consider terms of rights issue on Apr 20, 2009

Spanco Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 20, 2009, inter alia, to finalize the details for raising funds upto Rs 50 crores.

To finalize the category of Investors, including Promoters, Private bodies corporate or any other Institutional Investors for raising the funds upto Rs 30 Crores by way of Preferential Allotment in terms of provisions of Chapter XIII of the SEBI (DIP) Guidelines, 2000 subject to the approval of the members in the General meeting.

To finalize the modalities of Rights issue to raise funds upto Rs 20 Crores on rights basis to the equity shareholders of the Company, subject to the approval of the members in the general meeting.

To finalize the date time and place of Extra - Ordinary General Meeting to seek the approval of the members for the above matters and to approve the draft notice for the same.

The stock closed the day at Rs.28.85, down by Rs.1.40 or 4.63%. The stock hit an intraday high of Rs.30.80 and low of Rs.28.80.

The total traded quantity was 20387 compared to 2 week average of 33262.

Source : Equity Bulls

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